• The DRC presented the MIFOR project with an initial investment of $28.9 billion.
• Officials cite 15 to 20 billion tons of resources and output rising to 300 million tons a year.
• No feasibility study, funding plan, investor names, or timeline has been disclosed.

On January 9, the government of the Democratic Republic of the Congo presented the main features of the Mines de Fer de la Grande Orientale (MIFOR) project, described as a future mining complex requiring an initial investment of $28.9 billion. While the production targets and financial parameters presented suggest potentially major benefits for the national economy, the official presentation also leaves many unanswered questions.

“Substantial and diversified” benefits

According to the information released, the MIFOR project aims to develop an iron ore potential estimated at 15 to 20 billion tons of “cumulative resources.” Bankable reported that these resources are located in the former Orientale province, now split into Ituri, Haut-Uélé, Bas-Uélé, and Tshopo. To develop them, Kinshasa is citing a phased approach, with an initial production capacity of 50 million tons a year, expected to rise to as much as 300 million tons annually.

The initial $28.9 billion investment for MIFOR covers both extraction infrastructure and industrial processing facilities. It also includes the development of a major logistics corridor combining heavy rail, transport on the Congo River, and access to the Banana deep-water port.

The operating life is set at 25 years, during which the project is expected to generate cumulative revenue of more than $679 billion. Based, it is said, on conservative market assumptions, this economic model is also presented as offering “substantial and diversified” benefits for the Congolese state. However, no quantified estimate has been provided to specify the scale of these benefits.

“Beyond mining, MIFOR is designed as a national economic architecture project based on the progressive transformation of a strategic mineral resource into sovereign infrastructure, then into sustainable revenues, and finally into macroeconomic stability and balanced territorial development. The mine serves as a financial instrument enabling the state to create long-term structuring assets,” the note released for the presentation said.

Uncertainty to be clarified

On paper, the project appears promising. Its projected maximum annual output of 300 million tons, for example, would be more than double the 120 million tons expected from Guinea’s Simandou mining complex, launched in November 2025 and presented as the world’s largest new iron ore project. However, this comparison remains fragile at this stage, both technically and given the still largely hypothetical nature of MIFOR.

The Simandou iron ore site in Guinea

The parameters presented so far are not backed by any formally established feasibility study. In the mining industry, such a document is a key reference used to demonstrate a project’s economic viability through detailed technical, financial, and operational analysis. In addition, the use of the term “resources,” rather than “extractable reserves,” to describe the mineral potential adds further uncertainty about the project’s level of maturity.

At the same time, the financing plan remains unclear. It is not known whether a partner will eventually be brought into the project, or how much the Congolese state is expected to contribute financially. While the note refers to interest expressed by international investors, it does not identify them. Finally, the absence of any announced timeline has added to questions about the project’s implementation schedule.

Toward “progressive structuring”

Pending further clarification, the Congolese state has already announced the creation of an “expanded interministerial commission” dedicated to MIFOR. This body will be responsible for strategic oversight of the project and its progressive structuring. In any event, the realization of this new mining project could mark a key step for the DRC and its economy, which remains largely dominated by revenues from copper and cobalt production.

Aurel Sèdjro Houenou